Bipartisan congressional lawmakers from the House and Senate are discussing the possibility of combining cyptocurrency regulation legislation with a marijuana banking bill.
Senate Majority Leader Chuck Schumer (D-NY) raised the topic with House Financial Services Committee Chairman Patrick McHenry (R-CA) and Ranking Member Maxine Waters (D-CA) on Thursday, a source familiar with the conversation confirmed with Marijuana Moment.
The legislation has yet to be finalized, but the prospect of merging the Secure and Fair Enforcement Regulation (SAFER) Banking Act with the stablecoin measure comes amid heightened expectations about the Senate moving the cannabis bill as a standalone, months after it cleared committee.
Politico reported that the package under consideration could potentially be attached to a Federal Aviation Administration reauthorization bill that needs to pass before May 10.
Schumer recently reiterated his intent to pass legislation to safeguard cannabis banking as part of a busy agenda that he hopes to achieve in the weeks and months ahead, though he again stressed the need for bipartisan cooperation.
He also recently asked people toshow their support for the SAFER Banking Act by signing a petitionas he steps up his push for the legislation. A poll released last month by the American Bankers Association (ABA) shows that roughly three out of five Americanssupport allowing marijuana industry access to the banking system.
Rep. Nancy Mace (R-SC) said last week that that if Republicans want to keep the House, they should pass the marijuana banking bill, arguing that there are votes to approve it.
Schumer told Marijuana Moment last month thatthe bill remains a very high priority for the Senate, and members are having very productive bicameral talks to reach a final agreement.
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Senate Banking Committee Chairman Sherrod Brown (D-OH) also said last month thatpassing the SAFER Banking Act off the floor is a high priority.However, he also recently said in a separate interview thatadvancing the legislation is complicated by current House dynamics.
House Majority Whip Tom Emmer (R-MN) separately said during a recent American Bankers Association (ABA) summit that he wants to see the SAFER Banking Act move.
He said that, for whatever reason, the federal government has been slow to act on the incremental reform that he supports even though he doesnt identify as a marijuana guy.
One key factor thats kept the bill from the Senate floor is disagreement over mostly non-cannabis provisions dealing with broader banking regulations, primarily those contained in Section 10 of the legislation.
Bicameral negotiations have been ongoing, however, and recent reporting suggests that a final deal could be just over the horizon.
The Democratic Senate sponsor of the SAFER Banking Act, Sen. Jeff Merkley (D-OR), told Marijuana Moment last month that the legislation is gaining momentum as lawmakers work to bring it to the floor and pass it this year.
The office of the Republican SAFER Banking prime sponsor, Sen. Steve Daines (R-MT), separately told Marijuana Moment that conversations have been productive and Senator Daines is working to get the bill across the finish line.
At the close of the first half of the 118th Congress in December, Schumer said in a floor speech that lawmakers would hit the ground running in 2024, aiming tobuild on bipartisan progress on several key issues, including marijuana banking reformthough he noted it wont be easy.
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Photo courtesy of Mike Latimer.
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